Posted on 08/25/2022 5:38:46 AM PDT by Red Badger
Joe Biden unilaterally announced massive forgiveness of student loans Wednesday afternoon, as reported by The Gateway Pundit.
An estimated $300 billion of loans up to $10,000 per borrower making under $125,000 per year ($250,000 for couples) as well as up to $20,000 for Pell Grants will be forgiven by the Biden administration citing a new interpretation of the 2003 HEROES Act by Biden admin lawyers that say the secretary of Education has the authority to use national emergencies–specifically the COVID pandemic–to wipe out student debt en masse.
Schumer: “With the flick of a pen, President Biden has taken a giant step forward in addressing the student debt crisis by canceling significant amounts of student debt for millions of borrowers.”
Joe Biden claimed ‘canceling’ student loan debt (AKA transferring the debt to the middle class) won’t have any “meaningful effect on inflation.”
“Independent experts agree that these actions taken together will provide real benefits for families without meaningful effect on inflation,” said Biden.
Following Biden’s announcement of a federal student loan forgiveness program, Americans are having issues logging into StudentAid.gov.
Watch the video below:
VIDEO AT LINK!...................
Business Insider reported:
Thousands of borrowers flocked to the FSA website to check their loan balances, reports say.Twitter users share their error messages and memes with FAFSA’s official account.
Student loan borrowers reported frustrating error messages Wednesday as they tried to log in to the Federal Student Aid (FSA) website following President Biden’s decision to forgive up to $20,000 per student.
Not long after the one-time loan forgiveness was announced, tech outage tracker Downdetector began racking up thousands of reports that the FSA website was experiencing an outage.
Of those users, 79% said they were having trouble logging in, while 18% reported that it was the website overall.
The FSA office acknowledged the high amount of traffic with a message on the homepage.
“A lot of people are interested in our website. As a result, some pages may take longer to display than usual. Thank you for your patience,” the message read.
Those hoping to troubleshoot could call the FSA hotline to speak with a real person for help – but the live chat feature was inaccessible if you couldn’t log in.
Pell Grants are only grants if the student finishes.
Dropping out or not completing courses makes them loans that must be repaid and that’s what the misnomer ‘forgiving Pell Grants’ references.
College tuition is expensive and a trap to keep you enrolled for decades. Tuition credits especially online should be individually priced so if you want great professors you can shop around.why do women’s studies classes cost the same as classic English courses. There should be a national university online curriculum where you can shop professors and price.More choice is the answer to better programs. CoVid will be the end of all levels of education campuses stop tying students to an individual institutions the Social aspects of education is not valued by the left because they want everyone to fit their categories.
I think you are correct. It is extra short sighted as it is saying because you were super poor when you started we will forgive twice as much now no matter how much your circumstances have changed. Basically it is a way to double the forgiveness amount for primarily minorities.
So ‘nice’ that we get to pay for those wonderful (yet utterly useless) degrees in African Basket Weaving, Womyn’s Studies, Philosophy, and the like.
(I knew a former friend that DID get a B.S. in Philosophy. She went to a big-name university to get it. Went in as s0omeone who loved Jesus and came out as a God-hating, man-hating lesbian. She now works as a teacher at a community college, last I heard.)
I ask you, my fellow FReepers...WHY ARE WE PUTTING UP WITH THIS???
It means people who have pell grants plus loans get twice the loan forgiveness of those who have only loans. 1/3 of student loan borrowers got pell grants. They are (or were at the time they got the grant) the lowest income borrowers. Most people aren’t eligible for pell grants—you have to be very poor. But everyone is Eligible for a max of $5500/yr in loans, no matter how wealthy.
The indebted students are only the face of this bigger issue...
It’s the Democrats, and the uniparty, which includes the Republicans using taxpayer dollars to fundamentally prop up the education system which is imminently going to fail in the next 10 year, in ts current format. This is akin to passenger rail service in the early 1960s. The education system especially, colleges are the last GateKeeper on what is known as the Industrial Age and it will collapse rapidly. There’s no reason anymore to attend college, unless a medical or engineering type of degree is required or sought after, or a true in depth desire for humanities. This is the uniparty trying to preserve a relic of the past. A system fails when it can’t survive in the real economy, you can see that with the university system in America today, it’s past the 40% government funded mark zero changes are happening, costs are escalated...the end is imminent.
Students I’m seeing on social media love this and are calling Biden a hero. When it is pointed out that the taxpayers are picking up the tab, they say businesses got PPP loans forgiven so they should get their loans forgiven, also. Totally missing that PPP was intended as compensation for government-ordered shutdowns.
In order to have received a Pell Grant your income or etc on fafsa had to be really low like under $6k year. That’s a lot fairer than canceling a loan for someone making 125k a year!
That’s ridiculous! Someone could have been making payments for years. So it’s their fault Biden eliminates 10k of their debt? I would not want to work for you.
Thanks. Site helps student determine if the $$ aid was a grant or a loan ... such a cumbersome task.
I think most people know if they were Pell recipients. What’s the problem with having a site to look up your student loan status?
Biden gives COVID scammers new idea for more money what a guy what a guy.
My husband and I are not bums. My children are not bums. I have been paying off my childrens student loan debt until President Trump did a moratorium in March 2020. And if Biden eliminates debt for my children one of whom one was a recipient of Pell Grants that does not make us a family of bums either.
Where are all the lawsuits, Republicans???? Every time Trump did something the commie dems always filed a lawsuit!
Bums refers to those NOT ACTIVELY PAYING THEIR LOANS. Bums refers to those who take loan obligation and then do not want to pay it off. Basically BUMS refers to those looking for a free ride. Sounds like you and yours are PAYING your “Obligation” unlike those who want the $10K forgiveness. It’s all about taking responsibility and SO MANY in College today are Irresponsible at best !!!!
Good!
Thanks for defining BUMS. Do you think that my or any family would actually turn down Bidens student loan elimination? How many people did not cash their stimulus checks?
As I have stated in other posts Bidens plan should not include loans for graduate school, law school etc. the income of $125k is way too high. The avr worker in US makes between 50 and 60k. Maybe the income limit should have been more in line with stimulus income limits around $75k.
The pell was a surprise but that’s for the poorest of the poor. I think when we did FAFSA years ago our EFC was less than $200.
Not misusing, its BREAKing the law by this President!
Let the lawsuits begin!
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